Chapter 1.docx - Roma Patel Wednesday CHAPTER 1 What is...

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Roma Patel Wednesday September 13 2017 1 What is marketing : managing customer relationships How Marketing has grossly changed through eras Relationship marketing – Developing long-term, value-added relationships over time with customers and suppliers; strategic alliances and partnerships Marketing Myopia: Corporate social responsibility: Chapter Notes What is Marketing? - Marketing is the essence of economic life in a society - Originate from economics borrowed concepts from psychology and sociology plus mathematics and anthropology - Economics contributed to the concept of UTILITY o The want-satisfying power of a good/service o Four types of utility Form - Form utility is created when the firm converts raw materials and component inputs into finished goods and services Time and Place - Time and place utility occur when consumers find goods and services available when and where they want to purchase them Ownership - Time and place utility occur when consumers find goods and services available when and where they want to purchase them - Three step approach to create a customer o Identifying needs in the marketplace CHAPTER 1
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o Finding out which needs the organization can profitable serve o Developing goods and services to convert potential buyers into customers - Marketing involves analyzing customer needs, obtaining the information necessary to design and produce goods or services that match buyer expectations, satisfying customer preferences, and creating and maintaining relationships with customers and suppliers. - Marketing is an organizational function and a set of processes for creating, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders - Factors that forced markets to extend their economic views what three factors have forced marketers to embrace a global marketplace? o International agreements expand trade amongst nations o Growth of electronic commerce and computer technologies o Interdependence – no nation produces raw and finished goods Eras in the History of Marketing - Exchange process which two or more parties give something of value to each other to satisfy needs - 5 Eras o The production era Production orientation: Business philosophy stressing efficiency in producing a quality product, with the attitude toward marketing that “a good product will sell itself.” o The sales era Manufacturers began to increase their emphasis on effective sales forces to find customers for their output Sales Orientation: Belief that consumer will resist purchasing nonessential goods and services, with the attitude toward
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